The 'charity' bike ride where no money goes to charity - The Guardian
Riders signing up for Britain's newest and most expensive charity cycling sportive could be forgiven for thinking that part of their entry fee goes direct to a good cause.
After all, the official title of the event is the Marie Curie Cancer Care Etape Pennines.
Together with its well established big brother north of the border, the Etape Caledonia, it charges the highest entry fee on the sportive calendar – £61. Yet none of that goes to the charity.
Instead, all profits go to one of the richest showbiz and sport talent agencies in the world, IMG, which includes Rafael Nadal, Justin Timberlake and Tyra Banks among its clients.
5,000 riders took part in May's Etape Caledonia. Almost 3,000 have signed up for the Etape Pennines, which takes place in County Durham on 7 October. That's a turnover of nearly £500,000.
Both events are closed-road sportives - yet does this really justify the high entry fee, especially as none of it goes to charity?
IMG certainly thinks so. In response to this question, it emailed me a list of what the entry fee covers. Included were all the things provided by other, cheaper sportives, such as "medical support" and "comprehensive ecommunications before and after the event making the experience as smooth as possible".
The list also included "paying a large number of stewards and marshals", even though the websites for both events make it clear these are volunteers who receive only "agreed travel expenses".
And finally there was this: "Paying for the right to host events in some of the most beautiful locations in the country."
As the largest independent producer of sports programmes in the world, IMG's television division may well have to pay for the use of certain locations, but as far as I'm aware, no one has to pay "for the right" to host a cycling event on public roads in the UK, even if they are closed to motorized traffic. Instead, they have to apply to the local council for a road closure order and pay for policing costs.
In the case of the 81-mile Etape Caledonia, Perth and Kinross Council charged IMG their standard rate of £500 for the road closure order. In the case of the 78-mile Etape Pennine, this service was provided free by Durham county council.
The cost of policing such events is a slightly more complex issue. Neither of the two police forces concerned would tell me how much they charge for road-closures of this nature, but a set of official guidelines issued to chief police officers in England and Wales last year might provide a clue as to why IMG chose to share the name of its events with a well-known charity.
Under this "guidance on charging for police services", forces are encouraged to offer "abatements" of up to 50% for "charitable events". The Marie Curie Cancer Care Etape Pennines would conceivably qualify as just such an event.
IMG are obviously in the business of making money, whether that be from securing a lucrative endorsement deal for Maria Sharapova or charging "weekend warriors" a high price for their regular endorphin fix. The benefits to them of running Britain's biggest cycling events are obvious. But what's in it for the charity?
When I put this question to IMG, they emailed me back:
"We give them a large number of complimentary places (over 500) for them to use for fundraising purposes."
I read "complimentary" as meaning the entry fees for these places would go directly to the charity or be waived completely. I was wrong. This is what Ali Cameron from Marie Curie told me:
"Once the event sells to the point where there are only 500 places left, the £61 registration fee still goes directly to the organisers but these riders will also be required to commit to raise a minimum of £250 for Marie Curie. They automatically become Daffodil Team members. This is the stage we are currently at."
Only after these places have sold out do 50 "gold bond" places become available, where the £61 entry fee goes direct to Marie Curie.
To a regular rider and charity supporter such as myself, it seems a shame that IMG can't be more upfront on their website about the fact none of the entry fee goes to Marie Curie. Several veterans of the Etape Caledonia I spoke to were surprised when I told them this was the case. "None of it went to charity? And all I got was a crappy water bottle?" said one.
It's also a shame that Marie Curie feel the need to use a pan-global, profit-driven event management group to run their Etapes. Other charities, such as the British Heart Foundation and Action Medical Research, successfully run their own fundraising bike rides in which 100 per cent of the profits goes to them.
Last month, I did the 80-mile Cairn O'Mount Challenge sportive which raises money for development charities in Malawi. It cost me £25. The roads weren't closed, but the route was so well designed – taking in back roads and part of the National Cycle Route 1 – that we hardly saw any motorised traffic anyway.
Other than that, it offered exactly the same features as the Caledonia and Pennines Etapes, ranging from well-stocked feed stations, marshals, clear signage, timing chips and even a certificate at the end (finishers at the Etape Caledonia received a plastic medal).
But the most satisfying part of it all was the knowledge that, according to the website, "at least £20" of my entry fee was going direct to a good cause.
Triadformula.com says Forex trading is better than any other types of investments - PRLog (free press release)
Financial Experts say Forex trading is considered as the best form of financial commitment. Here are some of the reasons that make it better than trading and other types of investments. Compared to shares and futures trading industry, Forex trading includes restricted risk. The industry is less unpredictable and if the forex currency trading is managed properly, there can be no or lowest drops. This is because forex currency trading is not determined by just one company or person. It is determined by the overall economic health of the country.
Triadformula.com says “In the forex currency trading, you cannot lose more money than you actually have in your trading consideration. You get an edge call if the amount required by your consideration surpasses the limit required by your consideration.”
Talking about triad trading formula expert say “Trading is straightforward “. Adding to this expert say “Though there is a multitude of different foreign exchange, you need to focus only on four major currency sets. In inventory industry marketplaces, there are over a large number of shares to business on. For a newbie, trading can be frustrating and time-consuming. But, forex currency trading needs less research and is very fast to get started with.”
Forex trading committing occurs very immediately and at almost whenever of the day or night. The industry is open 24 hours a day and 7 days a week. You can business almost at any time and from anywhere you want. With online forex currency trading systems, creating financial commitment in forex has become all the more fast and practical.
In forex currency trading, there are no middle men or providers. You can carry the trading on your own. In trading, you have to go through a broker which not only decelerates the advance, but also costs you much. In forex currency trading committing, you are free to take away all the income that you earn by creating financial commitment in forex.
One the forex trading gurus, Jason Fielder, has just released “triad trading formula 2.0." This publication will be a valuable resource for those who want to get into forex trading and need to know exactly where to start. It gives detailed information on how the market operates, gives examples and scenarios, and defines terms and jargon. This will be a good foundation for the new investors to be able to participate in foreign currency trading.
The recent news which highlighted these days is “Triad Trading Formula from Jason Fielder is in pre-launch to re-open once again to the public. “
Triad Trading Formula Review
Jason Fielder provides three exclusive videos for those who are knew to forex trading and who want to better understand the "60:30:10" principle. These videos show the principle in action and also demonstrate some real-life trading scenarios. Jason Fielder's "Triad Trading Report" can be obtained free of charge for a short period of time.
For details visit: - http://www.forextradingcoursereviews.com/
Procter & Gamble Cuts Forecast as Forex Hurts Sales - CNBC
Procter & Gamble cut its fourth-quarter earnings and revenue forecasts, hurt by unfavorable foreign exchange rates and weakness in developed markets.
Shares of the maker of Tide detergent and Pantene shampoo [PG Loading... () 
] fell more than 2 percent in premarket trading.
The consumer products company said Wednesday that it expects adjusted earnings between 75 cents and 79 cents per share, down from its previous estimate of 79 cents to 85 cents per share.
Revenue is anticipated to drop 1 percent to 2 percent compared with a prior outlook for a 1 percent to 2 percent increase. The new guidance implies revenue in a range of $20.45 billion to $20.66 billion.
Analysts polled by FactSet foresee earnings of 82 cents per share on revenue of $20.62 billion.
P&G says that it will prioritize investments in its biggest product innovations, its biggest, most profitable markets and in its biggest emerging countries. It also plans to keep investing in newly entered markets.
The Cincinnati-based company has experienced stagnant growth in North America and has concentrated more on emerging markets, which it said in April would account for 37 percent of its annual sales by the end of the fiscal year.
"We are making the necessary adjustments to our growth strategy to increase focus on our core business and to achieve more balanced growth across geographies, product categories and the top and bottom lines," Chairman, President and CEO Bob McDonald said in a statement.
For fiscal 2013, P&G expects adjusted earnings to be up by a mid-to-high single digits percentage rate. The company said it will give an update to the guidance when it reports its fiscal 2012 results on Aug. 3.
Its shares fell $1.46, or 2.4 percent, to $60.75 in premarket trading. Its shares have traded in a 52-week range of $57.56 to $67.95.
P&G provides its forecasts on Wednesday at the Deutsche Bank Global Consumer Conference in Paris.
The company reaffirmed its restructuring plan, which involves cutting 5,700 jobs by the end of fiscal 2013 and saving $10 billion by the end of the fiscal 2016.
Like many other consumer products companies, P&G has also been raising prices to deal with higher costs for materials like pulp, fuel and packaging. But in April, P&G said it was rolling back prices in six categories: powdered laundry detergent in the U.S., laundry products in Mexico and the U.K., and North American oral care, dish care and blades and razors. Aside from those categories, other price increases have remained in place.
10 questions Money Advice Service needs to answer - Money Marketing
Money Advice Service chairman Gerard Lemos and chief executive Tony Hobman (pictured) will be grilled by the Treasury select sub-committee this afternoon in what could be a bruising encounter.
MPs are investigating the service and last week they heard from FSA panels, debt advice organisations, the ABI and moneysavingexpert founder Martin Lewis. All had some stern words for the service.
So, what are the questions Lemos and Hobman must have answers for?
1) What is the point of the Money Advice Service?
Last week, in a stinging attack on MAS, sub-committee chair George Mudie asked those giving evidence what MAS’s role is. You could hear a pin drop. FSA Consumer Panel chair Adam Phillip’s suggestion that MPs should ask MAS was the best anyone could come up with. They are sure to want answers.
2) Is Tony Hobman worth two and a half prime ministers?
Hobman’s £350,000 annual remuneration package is over double what the Prime Minister gets. Dave might have abandoned his position of dragging people in the public sector and quangos earning more than him into his office and asking them to justify their pay, but Hobman will have to defend his pay package today. Are you feeling incentivised Tony?
3) Why is your business plan so lacking in detail?
Most of those giving evidence to the sub-committee last week raised concerns about a lack of detail in MAS’s business plan for 2012/13. Conservative Party deputy chairman Michael Fallon may lead the charge on this after saying he was surprised the plan set out MAS’s budget in only ten numbers.
4) Are you embarrassed about your financial health check?
Moneysavingexpert.com founder Martin Lewis told the committee last week that most of the tools on MAS’s website were “crap” and that he would be embarrassed to host them on his website. MAS’s own figures have shown its healthcheck fails to change behaviour.
5) Have you upped your game since you knew MPs were coming after you?
Money Marketing revealed MPs would be launching an inquiry into the Money Advice Service in March. Last week, ABI director general Otto Thoresen, who wrote the book on generic advice, said MAS’s industry engagement had previously been non-existent but had improved in recent months. Mudie and Conservative MP Mark Garnier speculated this was down to the fact the service knew “it was going to get a good kicking” from the sub-committee.
6) Do you think your TV ad was worth the money?
Last year’s £4m ad campaign which claimed the service offers free, independent, unbiased advice, which was a “breath of fresh air” caused a stink among advisers. Advice UK told MPs last week MAS spends too much on marketing so they are bound to have questions about plans to spend nearly half its £46.3m money advice budget for this year on “brand awareness”.
7) Could you do more to direct people to existing services?
Despite more than a million people using the MAS website in 2011/12, only 2,138 people ended up on unbiased.co.uk. The advice portal says this shows MAS’s signposting leaves something to be desired. Due to not being able to get any information on how many people are using the site to research IFA related issues, it is difficult to tell. MPs could push for more transparency to improve this.
8) Are you sufficiently accountable?
Aifa has accused the MAS of having a “blank cheque” from the industry without the requisite accountability to go with it. MPs were told last week that industry must be more involved in how the service puts together its plans because it funds the service. MPs on the committee really have a bee in their bonnet about accountability of the new regulatory system and the MAS is unlikely to be treated differently.
As the Money Advice Trust put it in its submission to the inquiry: “While we have no reason to doubt that MAS has effective accountability mechanisms, we would welcome greater clarity as to what these are and how they operate.” Er, quite.
9) Who should fund you?
While strictly a question for Government, the MAS is likely to be asked whether its funding base should be widened. Its money advice wing is currently funded by an industry levy while its debt advice sector work is funded by lenders. Last week, the FSA practitioner panel suggested utility firms could also contribute to the service.
10) Why isn’t the money just going straight to debt advice providers?
MAS’s budget almost doubled this year to over £80m to take account of its role of coordinating debt advice. Much of that will go to providers like the Citizens Advice Bureau, but MPs will want to know why it needs to go through MAS at all.
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A valuable lesson in pocket money - The Independent
No wonder experts say parents should introduce their children to basic financial matters at an earlier age than ever. "Teaching children the value of money from an early age provides a good foundation for their future spending habits, and sends positive messages about managing finances and living within one's means," explains Simon Walsh, spokesman for Family Lives. "Their observations of how you spend, save, budget and donate to charities can shape early views about money management."
Get them involved in making their own financial decisions too. "My eight-year-old son Henry knows that if he wants something, he must select a few items he no longer wants, photograph them, write a description and put them on eBay," says Rebecca Gunn, 39, who lives in Bedfordshire.
Like many parents, Gunn also uses pocket money to help her son to understand its value. "It stops him walking into a shop wanting everything he sees. It makes him think about what he wants and he enjoys weighing up the pros and cons of things as the week goes on."
Research from Equifax reveals a growing emphasis on encouraging children to "earn" their pocket money through basic chores such as washing up and tidying up. The average amount children receive, according to another survey by Halifax, is £4.57 for 8-11 year-olds and £7.02 for 12-15 year olds. "Each of my two children, aged five and seven, has a special job around the house once a week," says Sarah Brown, a 40-year-old mother from Kent. "It means they realise they need to contribute something to earn money."
A vital component of the pocket money concept, she believes, is that kids discover their own spending power. "This is where, as a parent, you have to get the balance right between parental advice and allowing your child to make their own decisions – and therefore mistakes. It's definitely given my children an understanding, which did not exist a year ago, of how important it is to know how much things cost," says Brown. "Even simple things like checking the price tag on the box to see if it's affordable, is not something you see many kids do. Perhaps most satisfying of all is that my eldest, has opened a bank account and is already beginning to grasp the concept of interest."
When your children hit their teens, consider swapping pocket money for a monthly allowance, but the same principles apply, advises Pritee Chohan, Money for Life Programme volunteer and a branch manager for Halifax. "Sit them down to explain the differences between the savings accounts on offer and help them to budget for that holiday with friends or for driving lessons. By the time they leave home, they should have all the money savvy they need to make a great start in life."
Meet the woman who has lived without money for 16 years... and discovered it actually made her happier - Daily Mail
- Heidemarie Schwermer grappled with a lifetime of guilt about wealth stemming from her time as a WWII refugee
- She sold everything 16 years ago and now she stays with friends and acquaintances
- The 69-year-old is given most of her clothes and she forages for food at outdoor markets
By Tammy Hughes
|
A German woman has lived without money for 16 years following a lifetime of guilt about wealth stemming from her time as a World War Two refugee.
Growing up in Prussia Heidemarie Schwermer was the daughter of a successful businessman and her family kept a nanny and full-time gardener on their payroll.
But when war struck Europe in 1939 for the second time that century Schwermer and her family became penniless and were forced to flee to Germany.
Documentary: Heidemarie Schwermer says she is much happier after living without money for 16 years. She speaks of her experiences in a film entitled 'Living Without Money'
After years of hardship Schwermer's father was able to start over with a tobacco company and cash started pouring in again.
But Schwermer now found herself at odds with their affluent lifestyle.
'We were well-off but ended up as riff-raff,' she said.
'We became rich again and we had to defend it. I've always had to justify myself, whether we were rich or poor.'
Schwermer, now 69, worked at a teacher and then a psychotherapist on a good wage. But instead of welcoming the hard-earned cash she yearned for those formative childhood years of struggle and strife.
As a result she became obsessed with finding new ways to live without money, eventually setting up Germany's first exchange circle in 1994.
'Give and Take Central' helped people swap simple services like babysitting or house cleaning for tangible goods and Schwermer found she need money less and less.
Eventually when a friend asked the divorced mother-of-two to house-sit for her Schwermer decided to take the plunge and live without money for one whole year.
Life without means: The 69-year-old told how friends and acquaintances are happy to take her in
She sold everything - including her apartment - saving just a few small items that she packed into a suitcase.
What was only meant to last 12 months became her life for the next 16 years.
'I only wanted to try to do an experiment and in that year, but I noticed a new life,' she told Business Insider.
'I didn't want to go back to the old life.'
In the beginning Schwermer stayed with old friends but as word of her lifestyle spread she began giving talks on her mission - meeting new hosts on the lecture circuit.
She only accepts train fare for her speaking engagements and rejects any other attempts to pay her.
At first she also did odd jobs around her hosts' homes, like gardening or window washing, to earn her keep but she says that these days they don't expect anything in return.
Message: Schwermer works a lecture circuit giving talks about her alternative lifestyle. She only accepts money for her train fare and refuses all other types of payment
Happy: The mother-of-two only meant to live without money for 12 months but she felt so much better without material wealth that she carried on for 16 years
In a documentary made about her life entitled 'Living Without Money', she's seen foraging for leftover produce at fresh air markets and trading a shopkeeper a few hours of cleaning services in return for food.
She often receives clothing from friends, donating what she doesn't have room for in the small suitcase she carts from home to home.
Mark Cuban loses $200,000 in shoddy Facebook stock, shrugs it off as ‘gambling money’ - YAHOO!
Mark Cuban, at the exact point the gypsy cursed him and his finances (Getty Images)
The most common response to the news of a fined NBA player? That the $20,000 or so that they just lost is "spending money," or "pocket change." NBA players can't really come out and call it "gambling money," because that wouldn't look good, but that's exactly the phrase Dallas Mavericks owner Mark Cuban used when he copped to losing around $200,000 on lagging Facebook stock recently.
Cuban, who is worth $2.3 billion, approached his losses with humor and wit in an interview with CNBC, admitting that he bought 150,000 shares of the stock at a price that totaled around $5 million and dumped his stake in the company as soon as it became obvious that the investment was a dud. Cuban, who made his millions through technology innovation but his billions through developing Internet startup companies, ended up losing close to $200,000 in the move. Or, about one-twentieth of the average NBA salary. From The Daily Mail:
'My thesis was wrong,' Cuban said in a CNBC interview. 'I thought we'd get a quick bounce just with some excitement about the stock. I was wrong, and when you're wrong you don't wait, you just get out. I took a beating and left.'
The Facebook stock is currently down nearly a fifth of its initial public offering price, even after a slight rebound (get it!) on Tuesday. The Daily Mail went on to remind us that Facebook's public plunge was the biggest money loser of any publicly traded company in the U.S. that was working over the $1 billion threshold in terms of overall worth. Cuban went on to blame the sheer amount of available Facebook stock as the reason for the company's failure in this realm, comparing it to LinkedIn's relatively tame and successful IPO from 2011.
[Related: Adrian Wojnarowski: Hornets won't need to see a workout before drafting Anthony Davis]
Cuban then went on to point out that, in his own inimitable fashion, he's having a little fun with his picking and public choosing. From the Daily Mail's recap of his interview with CNBC:
'It was gambling money, to be honest with you,' he said on Monday. 'Any time you try to time the market, you get what you deserve. Sometimes you're right. Sometimes you're wrong. This time I was wrong.'
Luckily not "Evan Eschmeyer"-wrong, in reference to the struggling center Cuban's Mavericks once signed to a six-year, $23 million dollar deal. That's some real dough, compared to Cuban's $200,000 Facebook hit — a reminder that, yes, this stuff really is pocket change, or even "gambling money," to some of our NBA friends.
And anytime Mark Cuban wants to gamble on helping me with my next car payment, he's more than welcome.
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She doesn't have any of her own money and she's happier. That's ok for some people but does she think everybody can do this because I'm sure the people she stays with work hard for their home so she needs to stop being a lazy parasite and take care of herself like an adult should.
- JC, Northampton, 20/6/2012 15:02
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